NU Online News Service, March 15, 4:07 p.m. EDT
WASHINGTON–Legislation proposed by Sen. Chris Dodd, D-Conn., would give specific authority to federal banking regulators to oversee insurance companies, especially if they pose a potential threat to the financial system.
The bill unveiled today is similar to one proposed by Sen. Dodd in December. It would also create a federal Office of National Insurance and includes provisions modernizing and streamlining regulation of the surplus lines and reinsurance industries under state regulation.
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